The Hindu : Business : India may invest in Nigerian oil refineries

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Thursday, Sep 14, 2006
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India may invest in Nigerian oil refineries

Special Correspondent

India's oil import bill may touch $66 billion in 2006-07

NEW DELHI: India may invest in oil refineries in Nigeria and Iraq, following discussions held by Petroleum Minister Murli Deora on the sidelines of the third OPEC (Organisation of Petroleum Exporting Countries) international seminar in Vienna. He held bilateral talks with the Nigerian and Iraqi oil ministers.

Responding to a proposal by Mr. Deora to increase the volume of crude oil imports by the Indian Oil Corporation (IOC) on a term contract basis, the Nigerian Minister of State for Petroleum Resources, Edmund Daukoru, agreed to consider raising crude oil supplies to India when additional volumes become available to his country, an official release says.

Investment sought

Mr. Daukoru sought Indian investment in the downstream sector. In this regard, Mr. Deora suggested that the memorandum of understanding between IOC and the State of Edo in Nigeria for setting up of a refinery should be put on the fast track.

At a luncheon meeting, the Iraqi Oil Minister Hussain Al-Shahristani sought "active participation'' of India in his country's downstream sector. Mr. Deora said India would fully support Iraq in its reconstruction including active participation in the oil downstream oil sector.

He said ONGC Videsh had already begun work on Exploration Block 8 in Iraq where work was suspended in the wake of the war situation. Noting that OVL was keen to restart work, he said the company was eager to commence negotiations on the Tuba field.

The release says Mr. Deora also held a meeting with Qatar's Energy and Industry Minister Abdullah Bin Hamad Al Attiyah during which he reiterated India's keen interest in additional supplies of liquid natural gas.

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